The Velvet Underground have settled their dispute with the Andy Warhol Foundation over the rights to the Warhol-designed ‘banana’ logo on the sleeve of the band’s 1967 debut album, The Velvet Underground And Nico. The band sued the foundation last year after it licensed the ‘banana’ logo from their debut for use on iPhone and iPad products, reports Associated Press. The suit argued that the banana design had become a symbol of the band, and that the foundation had no right to license it. The foundation, which assumed ownership of Andy Warhol’s copyrights in 1987, argued that the band had no enforceable trademark rights to the image. The terms of the settlement have not been disclosed. Associated Press cites John Cale and Lou Reed as plaintiffs in the case. (via Uncut)